My fiance and I are hoping to purchase a flat in Southville and are in fact using a Southville conveyancing practice. Within the last couple of days our property lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. National Westminster Bank have this morning contacted us to inform me that there is now an issue as our Southville conveyancer is not on their approved list of lawyers. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Southville solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.
At what point does exchange of contracts happen for residential conveyancing in Southville and do I need to attend the conveyancers branch?
If you are in close proximity to our conveyancing solicitors in Southville you are invited in to sign contracts. However, the lender approved solicitors we work with offer countrywide coverage for conveyancing and provide just as detailed and professional a job for you when dealing with you by post or email. The executing of the contract is not the important part. Signing on the dotted line is necessary for the solicitor to address the formalities when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Southville)to be in the office available at the end of the phone to exchange contracts.
Are the BSA intent on creating a online directory to list solicitors on the Loughborough BS conveyancing panel for instance in Southville?
We would not expect to be advised of any intention on the part of the BSA to promote such a tool.
How does conveyancing in Southville differ for newly converted properties?
Most buyers of new build premises in Southville contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Southville tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Southville or who has acted in the same development.
I only have Sixty One years left on my lease in Southville. I now want to extend my lease but my landlord is absent. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. However, you will be required to prove that you have done all that could be expected to track down the landlord. For most situations an enquiry agent should be helpful to conduct investigations and prepare a report to be used as proof that the landlord can not be located. It is wise to seek advice from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing Southville.
Southville Leasehold Conveyancing - Sample of Queries before buying
How much is the annual maintenance fee and ground rent? Be sure to investigate if the the lease includes any adverse restrictions in the lease. For example it is reasonably common in Southville leases that pets are not permitted in certain buildings in Southville. If you like the flatin Southville however your dog can’t move with you then you will be presented with a difficult choice. Many Southville leasehold properties will have a service charge for the upkeep of the building invoiced on behalf of the management company. Should you buy the flat you will have to meet this charge, normally quarterly throughout the year. This can differ from several hundred pounds to thousands of pounds for blocks with lifts and large communal areas. In all probability there will be a rentcharge to be met yearly, normally this is not a large figure, say approximately £25-£75 but you should to check as occasionally it could be many hundreds of pounds.